金融工具

內(nèi)容概要

近幾年來，全球的金融領域發(fā)生著日新月異的變化，資本市場呈現(xiàn)出來的日益增長的不穩(wěn)定性以及各種規(guī)章制度的改革，滋生了各種金融工具本質上的創(chuàng)新以及與其有關的組合方法和調(diào)整方法的變化。本書是針對這種金融工具會計實務變化的一本綜合性的參考手冊，它具體描述了有關各種金融工具——例如貸款、證券、證券化工具以及各種金融衍生工具的會計實務，包括收入的確認及衡量、與真實出售相對應的債務性融資定性、債務的終止、虧損、套期會計以及披露要求。

作者簡介

　　萊斯利·F·塞德曼（Leslie F. Seidman）美國注冊會計師以及獨立財務報告咨詢師，在財務領域及會計準則領域有著豐富的經(jīng)驗。她的客戶涵蓋了全球性的金融機構和大型公司。
　　塞德曼畢業(yè)于科爾杰大學英語系，在紐約大學斯特恩商學院獲得會計學的研究生學位。在加入J.P.摩根公司之前，她在安永會計師事務所擔任審計師職位，并且擔任副總裁多年，專管會計方針。塞德曼被選為美國財務會計準則委員會的行業(yè)同盟成員，隨后她成為該委員會會計應用實務方面的副主任。她參與了數(shù)百次美國財務會計委員會和美國注冊會計師協(xié)會的會計公告制定、審核以及編校工作，并且出版了許多著作和文章。她也多次受邀在行業(yè)會議上就會計事務的各個領域進行發(fā)言。
　　最近她被任命為美國管理會計協(xié)會財務報告委員會的委員。

書籍目錄

PrefaceAbout the AuthorPART Ⅰ：FINANCIAL ASSETS Chapter 1：Cash and Cash Equivalents Chapter 2：Investments in Debt and Equity Securities Chapter 3：Loans and the Allowance for Credit Losses Chapter 4：Servicing of Financial Assets Chapter 5：Transfers of Financial Assets Chapter 6：Securitizations Chapter 7：Calculating Yields on Debt InvestmentsPART Ⅱ：FINANCIAL LIABILITIES Chapter8：Debt Financing Chapter9：Securities Lending Arrangements，and Other Pledges of Collateral Chapter10：Convertible Debt and Similar Instruments  Chapter11：Extinguishments of DebtPART Ⅲ：DERIVATIVES AND HEDGING ACTIVITIES Chapter12：Introduction to Derivatives Chapter13：Embedded Derivatives Chapter14：Hedge Accounting Chapter15：Disclosures about DerivatesPART Ⅳ：EQUITY INSTRUMENTS Chapter16：Issuer ’s Accounting for Equity Instruments and Related ContractsPART Ⅴ：PERVASIVE ISSUES Chapter17：Offsetting Assets and Liabilities in the Balance Sheet Chapter18：Fair Value and Other Disclosures About Financial InstrumentsGlossary Gross-References to Authoritative PronouncementsIndex

章節(jié)摘錄

書摘   Implementation guidance for present value method  The present value amount should be based on an estimate of the expected future cash flows of the impaired loan, discounted at the loan's effective interest rate.   ·The cash flow estimates:  The estimates of expected future cash flows should be the creditor's best estimate based on rea-sonable and supportable assumptions and projections.,All avail-able evidence should be considered in developing the estimate of expected future cash flows. The weight given to the evidence should be commensurate with the extent to which it can be verified objectively. If a creditor estimates a range for either the amount or timing of possible cash flows, the likelihood of the possible outcomes must be considered in determining the bestestimate of expected future cash flows. (FAS-114, par. 15)    ·The discount rate:  The expected future cash flows should be discounted using the effective interest rate of the loan. The effective interest rate is the rate of return implicit in the loan (that is, the contractual interest rate adjusted for any net deferred loan fees or costs, premium, or discount existing at the origination or acquisition of the loan and any subsequent adjustments relatingto fair value hedge accounting under FAS-133). (DIG F-4)   ——The effective interest rate for a loan restructured in a  troubled debt restructuring is based on the original con-tractual rate, not the rate specified in the restructuringment. (FAS-114, par. 14)   ——The effective rate for a purchased loan is the rate that equates the investor's estimate of the loan's future cash flows with the purchase price of the loan. (FAS-114, fn. 3)   ·Variable interest rates:  If the loan's stated interest rate var-ies based on subsequent changes in an independent factor,such as an index or rate (for example, the prime rate, the London interbank offered rate (LIBOR), or the U.S.Treasurybill weekly average), that loan's effective interest rate may be calculated based on:  — The factor as it changes over the life of the loan; or  — The rate may be fixed at the rate in effect at the date the loan meets the impairment condition.   The creditor's chosen method should be applied consistently for all loans whose contractual interest rate varies based on subsequent changes in an independent factor. Projections of changes in the factor should not be made for purposes of determining the effective interest rate or estimating expected future cash flows. (FAS-114, par. 14, as amended by FAS-118)    EITF Issue 96-12 only applies to securities with one or more of these aracteristics that are classified as available-for-sale or held-to-maturity debt securities in accordance with FAS-115. However, struc-tured note securities that, by their terms, suggest that it is reasonably possible that the investor could lose a!! or substantially all of its original investment amo~nt (for other than failure of the borrower to pay the contractual amounts due) should be marked to market with all changes in fair value reported in earnings.   There is currently some overlap between the scope of EITF Issue96-12, EITF Issue 99-20, and FAS-133.  ·Overlap with FAS-133: A security with the characteristics de-scribed above would nonetheless be accounted for under FAS-133 if it contains an embedded derivative that is not dearly and closely rolated to the host contract (even if the embedded derivative is not accounted for separately and the entire instrument is marked to market). Chapter 13, "Embedded Derivatives," addresses embed-ded derivatives in detail. However, the FASB allowed companies to grandfather hybrid instruments that were entered into before either January 1, 1998 or January 1, 1999, as elected by the(see paragraph 50 of FAS-133, as amended). Accordingly, some structured notes that technically contain embedded derivatives may continue to be accounted for under ETTF Issue 96-12.   ·Overlap with EITF Issue 99-20: A security with the character-istics described above would be accounted for under E1TF Issue 99-20 if it is a beneficial interest in a special-purpose entity that could contractually be prepaid in such a way that the investor would not recover substantially all of its initial investment (and the instrument does not contain an embedded derivative that should be accounted for separately under FAS-133).   EiTF Issue 96-12 does not apply to loans, traditional convertible bonds, multicurrency debt securities, debt securities participating directly in the results of an issuer's operations (for example, partici-pating mortgages or similar instruments), or reverse mortgages.   The following types of securities would typically be considered structured notes that should be accounted for under EITF Issue 96-12(that is, the embedded derivative is considered clearly and closely related to the host contract and should not be accounted for sepa-rately under FAS-133 (plus any grandfathered structured notes that otherwise would be accounted for under FAS-133):   ·Inverse floater (a bond with a coupon rate of interest that varies inversely with changes in specified interest rates or indexes (for example, LIBOR) or a leveraged inverse floater (the spedfied index is multiplied by a number greater than 1) that contractu-ally limits the amount of principal that can be lost to the amount of the initial cash investment. (Note: Many inverse floaters do not contain this type of limit and would therefore contain an em-bedded derivative.)   ·Delevered floater (a bond with a coupon rate of interest that lags overall movements in specified interest rate levels or indices).   ·Range floater (a bond with a coupon that depends on the number of days that a reference rate stays within a preestab- lished collar; otherwise, the bond pays either zero percent interest or a below-market rate).   ·Ratchet floater (a bond that pays a floating rate of interest and has an adjustable cap, adjustable floor, or both that move in sync with each new reset rate).   ·Fixed-to-floating note (a bond that pays a varying coupon, for example, the first-year coupon is fixed, second- and third-year coupons are based on LIBOR, Treasury bills, or prime rate).  ·indexed amortizing note (a bond that repays principal based on a predetermined amortization schedule or target value), provided that the investor's recorded investment is not at risk,and the contractual yield could not rise to a level that is both double the initial rate on the instrument and twice the current market rate for a similar instrument.  ·Step-up bond (a bond that provides an introductory above-market yield and steps up to a new coupon, which will be below then-current market rates or, alternatively, the bond may be called in lieu of the step-up in the coupon rate).   ·Credit-sensitive bond (a bond that has a coupon rate of inter-est that resets based on changes in the issuer's credit rating).  ·Inflation bond (a bond with a contractual principal amount that is indexed to the inflation rate but cannot decrease below par).   The accounting for pledges of other financial assets as collateral under FAS-140, paragraph 15, depends on whether the secured party has the right to sell or repledge the collateral and on whether the debtor has defaulted.  ·If the secured party (transferee) has the right by contract or custom to sell or repledge the collateral, then the debtor (trans-feror) should reclassify that asset and report it separately in its balance sheet (for example, as a security pledged to creditors) from other assets not so encumbered.   ·If the secured party (transferee) sells collateral pledged to it, it should recognize the proceeds from the sale and its obligation to return the collateral. The sale of the collateral is a transfer subject to FAS-140.   ·The debtor (transferor) should continue to carry the collateral as its asset, and the secured party (transferee) should not recognize the pledged asset, unless the debtor defaults under the contract.   ·If the debtor (transferor) defaults under the terms of the se-cured contract and is no longer entitled to redeem the pledged asset, it should derecognize the pledged asset. The secured party (transferee) should recognize the collateral as its asset, initially measured at fair'value or, if it has already sold the collateral, derecognize its obligation to return the collateral.     ……

媒體關注與評論

中文版序以一句很多人使用的話說，會計行業(yè)近兩年正處于爭論的漩渦之中。    2001年以來，美國爆發(fā)一系列財務虛假案，使得安然、世通等巨型公司破產(chǎn)，也導致安達信這樣一個有著九十多年歷史的世界級會計師事務所飽含屈辱地退出審計市場。安然和世通等事件的影響巨大，損失了幾十億美元的價值。人們開始質疑，這些巨人公司的賬面價值到底在多大程度上是真實的？事實上，公眾對這種價值創(chuàng)造所依賴的會計和財務制度的信任已經(jīng)動搖。為了重樹公眾信心，美國制定頒布了《公眾公司會計改革和投資者保護法》（Public Company Accounting Reform and Investor Protection Act of 2002），簡稱為《薩賓納斯一奧克斯萊法案》（Sarbanes-Oxley Act），對美國而且對世界各國會計、公司治理以致整個證券市場，都產(chǎn)生了相當大的影響。    在中國，上述問題也一樣沉重。由于與會計信息相關的違規(guī)行為而被證監(jiān)會查處，或被滬深證交所公開譴責和批評的上市公司，已經(jīng)是越來越多。在一張張讓人不放心的公司財務報表面前，公眾感到疑惑，無所適從。銀廣夏和中天勤案件的查處，讓會計師和注冊會計師面臨空前的信任危機，會計和審計專業(yè)的信譽面對巨大的挑戰(zhàn)。    在會計信息和資本市場問題上，存在著一個“公司財務報告供應鏈”。誰組成了公司財務報告供應鏈呢？毫無疑問，公司財務報告供應鏈啟動于公司內(nèi)部管理層，他們是原始會計信息的擁有者，他們負責編制和向投資者與其他利益相關者提供財務報表，并承擔會計信息質量的最終責任。實務中，會計報表和財務報告由CFO領導下的公司財務報告系統(tǒng)編制，由CPA進行獨立審計鑒證，經(jīng)過董事會批準和股東大會通過后予以公布，還要由證券分析師進行分析，由媒體進行信息傳播。在獲得上述直接和間接財務信息的基礎上，投資人和其他利益相關者做出自己的決策。    顯然，這個長長的公司財務報告供應鏈由許多環(huán)節(jié)組成，每個環(huán)節(jié)都有不同的供給方和需求方。    從公司財務報告供應鏈的視角看，應該說，財務信息的可靠性是由鏈條中的所有各方共同保證。當然，社會和公眾有理由對鏈條中最為重要的兩個環(huán)節(jié)—會計師和審計師—提出更高、更嚴格的要求。會計師和審計師必須在具備誠信度的同時，把透明度和受托責任奉為職業(yè)要素。    寫了以上幾段話，是為了引出對本套中信財會圖書館影印系列專業(yè)書籍的認識和介紹。這套系列叢書包括12本書。大體上可以歸為三類：    第一類：《會計案頭必備：財會人員日常速答手冊》、《金融工具—會計及財務報告綜合指南》、《商業(yè)企業(yè)與工業(yè)企業(yè)財務比率年鑒》、《購買和出售企業(yè)專業(yè)指南：稅收、價值評估、法律和會計核算》、《啟動財務—企業(yè)初創(chuàng)階段籌集資金指南》。這幾本書的內(nèi)容聚焦于企業(yè)會計和財務管理人員的日常專業(yè)工作。    第二類：《審計委員會—公司董事、管理層以及咨詢?nèi)藛T指引》、《會計違規(guī)和財務欺詐》、《審計程序》、《審計人員風險管理指南：審計與企業(yè)風險管理的結合》。這幾本書的內(nèi)容聚焦于審計方面，維護財務信息質量是共同主題。    ……

編輯推薦

　　《金融工具：會計及財務報告綜合指南》結構是按資產(chǎn)負債表欄目組織的，并且整合了美國財務會計準則委員會和美國注冊會計師協(xié)會的權威性指南的內(nèi)容。除此以外，《金融工具：會計及財務報告綜合指南》還包含了美國財務會計準則委員會緊急事項小組（EITF）以及金融衍生工具執(zhí)行小組的有關規(guī)定。

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